comprehensive real exam questions and verified answers
( 100% correct answers) already graded A+ / 2025 test!!
A ________ is an estimate of value for a property owned
by the bank. -
ANSWER-Broker Price
Opinion
Which mortgage loan program requires little or no down
payment and easy qualification requirements and low rates of
interest for specified individuals? -
ANSWER-VA Loan
The provisions of Regulation Z cover - ANSWER-disclosure of
costs, the right to
rescind the transaction, advertising offers, and
noncompliance penalties.
The best source for obtaining buyers is your _________. If
you have the
,listings, the buyers will follow. - ANSWER-
Listing Inventory
Make sure that a buyer is qualified, determine their
_______. - ANSWER-
Motivation and
Expectations.
What document does a broker use when seeking a paid
commission from a
buyer? - ANSWER-Exclusive Buyer Brokerage
Agreement
Document where all sellers and brokers are required to
disclose all material defects of the property that are not readily
visible to the buyer. – ANSWER-Sellers Property Disclosure
Statement
Statute of Frauds requires any contract - ANSWER-to be in
writing in order to
be
enforceable
The Essential Elements of a Contract are - ANSWER-
Lawful Subject,
,Agreement, Consideration, and
Competent parties.
There must be an agreement, also called _______, for a contract
to be created.
In order to do this, there must be an offer and an acceptance
of all terms and
conditions of the offer. - ANSWER-a meeting
of the minds
A contract must contain sufficient consideration, which
consists of two types: -
ANSWER-valuable and
good
valuable consideration is - ANSWER-anything of value
including money, personal property, or a promise that can be
enforced, such as a promissory note.
good consideration is - ANSWER-anything that can't be
converted to valuable
consideration
A ______ is a right to buy a property during a specified period,
at a specified
, price. It is not an obligation to buy the property, as is the
case with a sales
contract. - ANSWER-Option
contact
Option contracts are _____ since the party acquiring the right
has not promised
to buy the property. - ANSWER-
Unilateral
the _____ is located below grade and serves as a platform
that supports the
weight of the building. - ANSWER-
substructure
What superstructure do we use here in Florida? - ANSWER-
Masonry
What is Masonry? - ANSWER-Type of superstructure where
exterior walls are made entirely of concrete blocks, which serve
as part of the framing system.
_________ roofs are susceptible to wear from standing water. -
ANSWER-Flat